Tax Rates
Tax Rates | Hollis Financial Solutions in Southern California
2023 and 2024 Tax Rates for a Variety of Filers, Courtesy of Hollis Financial Solutions
2023 and 2024 rates for single taxpayers, married jointly & surviving spouses, married filing separately, head of household, estates and trusts, social security, a variety of miscellaneous rates, education credits, meal rates, and more. Hollis Financial Solutions Tax Professionals are here to help you stay informed and save you money. Contact us to schedule a consultation with one of our licensed tax professionals and we’ll answer any questions you may have.
2024 Tax Rates - Single Taxpayers - Standard Deduction $14,600
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10% 0 to $11,600
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12% $11,600 to $47,150
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22% $47,150 to $100,525
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24% $100,525 to $191,950
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32% $191,950 to $243,725
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35% $243,725 to $609,350
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37% Over $609,350
2024 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $29,200
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10% 0 to $22,000
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12% $22,000 to $89,450
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22% $89,450 to $190,750
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24% $190,750 to $364,200
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32% $364,200 to $462,500
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35% $462,500 to $693,750
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37% Over $693,750
2024 Tax Rates - Married Filing Separately - Standard Deduction $14,600
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10% 0 to $11,600
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12% $11,600 to $47,150
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22% $47,150 to $100,525
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24% $100,525 to $191,950
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32% $191,950 to $243,725
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35% $243,725 to $365,600
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37% Over $365,600
2024 Tax Rates - Head of Household - Standard Deduction $21,900
2024 Tax Rates - Estates & Trusts
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Social Security 2024 Tax Rates
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Social Security Tax Rate: Employers 6.2%
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Social Security Tax Rate: Employees 6.2%
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Social Security Tax Rate: Self-Employed 15.3%
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Maximum Earnings Subject to Social Security Tax $168,600
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Maximum Earnings Subject to Medicare Tax Unlimited
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Medicare Tax Rate: Employers 1.45%
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Medicare Tax Rate: Employees 1.45%
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Medicare Tax Rate: Self-Employed 2.9%
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Additional Medicare Tax on FICA wages and Self-Employment Income above $200,000 (single filers) or $250,000 (joint filers) 0.9%
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Net Investment Income Tax on Taxpayers with Modified Adjusted Gross Income (MAGI) above $200,000 (single filers), $250,000 (joint filers)) 3.8%
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Miscellaneous 2024 Tax Rates
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Business Section179 expense limitation $1,220,000
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Business Section 179 Phaseout Threshold $3,050,000
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First-Year Bonus Depreciation Rate 60%
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Qualified Business Income threshold amount: $191,950 (single and head of household); $383,900 (married filing joint return)
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Qualified Small Employer Health Reimbursement Arrangement limit: $6,150 (single coverage); $12,450 (family coverage)
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Prior-year safe harbor for estimated taxes of higher-income 110% of your 2023 tax liability
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Standard mileage rate for business driving 67 cents
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Standard mileage rate for medical driving 21 cents
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Standard mileage rate for moving driving - Members of the Armed Forces on active duty who move because of a permanent change of station 21 cents
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Standard mileage rate for charitable driving 14
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Child Tax Credit $2,000
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Unearned income maximum for children under 19 before kiddie tax applies $1,300
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Maximum capital gains tax rate for taxpayers with income up to $47,025 for single filers, $94,050 for married filing jointly 0%
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Maximum capital gains tax rate for taxpayers with income above $47,025 to $518,900 for single filers, $94,050 to $583,750 for married filing jointly 15%
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Maximum capital gains tax rate for taxpayers with income above $518,900 for single filers, $583,750 for married filing jointly 20%
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Capital gains tax rate for unrecaptured Sec. 1250 gains 25%
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Capital gains tax rate on collectibles 28%
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Maximum contribution for Traditional/Roth IRA $7,000 if under age
50 $8,000 if 50 or older -
Maximum employee contribution to SIMPLE IRA $16,000 if under age 50
$19,500 if 50 or older -
Maximum Contribution to SEP IRA 25% of eligible compensation up to $69,000
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401(k) maximum employee contribution limit $22,500 if under age 50
$30,000 if 50 or older -
Estate tax exemption $13,610,000
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Annual Exclusion for Gifts $18,000
Standard Meal Rates for Family Child Care Providers for income tax returns
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Continental U.S. 2023-24 Tax Rates (July 1, 2023-June 30, 2024)
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For each breakfast $1.65
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For each lunch or dinner $3.12
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For each snack (up to 3 per day for each child) $0.93
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Alaska 2023-24 Tax Rates (July 1, 2023-June 30, 2024)
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For each breakfast $2.63
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For each lunch or dinner $5.05
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For each snack (up to 3 per day for each child) $1.50
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Hawaii 2023-24 Tax Rates (July 1, 2023-June 30, 2024)
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For each breakfast $2.12
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For each lunch or dinner $4.05
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For each snack (up to 3 per day for each child) $1.20
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Source: Federal Register
